By Paul A. Harris
Portland, Ore., Dec. 6 – Ellaktor SA priced a €600 million issue of five-year green-eligible senior notes (B/BB) at par to yield 6 3/8% on Friday, according to market sources.
The yield printed at the tight end of yield talk in the 6˝% area. However, while the deal was in the market pricing moved higher as the Greece-based infrastructure group endeavored to gain traction among investors, according to a buyside source.
HSBC Bank plc, Citigroup Global Markets Ltd. and J.P. Morgan Securities plc were joint global coordinators and joint bookrunners. Goldman Sachs was also a joint bookrunner.
Proceeds will be used to prepay certain debt of Ellaktor and its subsidiaries, Aktor Concessions SA and Aktor SA, and for general corporate purposes.
Ellaktor focuses on concessions, renewable energy, waste management, construction and real estate development.
| Issuer: | Ellaktor Value plc
|
| Amount: | €600 million
|
| Tenor: | Five years
|
| Securities: | Green-eligible senior notes
|
| Joint global coordinators: | HSBC Bank plc, Citigroup Global Markets Ltd. and J.P. Morgan Securities plc
|
| Joint bookrunners: | HSBC, Citigroup, JPMorgan and Goldman Sachs
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Call protection: | Two years
|
| Trade date: | Dec. 6
|
| Settlement date: | Dec. 12
|
| Ratings: | S&P: B
|
| Fitch: BB
|
| Price talk: | 6˝% area
|
| Marketing: | Roadshow
|
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